Market Size of North America Liner Hanger System Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Liner Hanger Market Analysis
The liner hanger system market in North America is expected to grow at CAGR of more than 6.2% in the forecast period of 2020-2025. Increasing upstream activities in the Permian basin in the United States is one of the major driving factors for the liner hanger system market. Additionally, offshore exploration in eastern Canada is likely to create significant market demand in the forecast period. On the other hand, the global crude oil price decline in 2020 has led to a halt or delay in various oil and gas projects. Also, a declining number of offshore wells in the United States is expected to restrain the market growth.
- With 990 active onshore rigs in the United States and increasing production from the Permian basin, the onshore sector is expected to dominate the liner hanger system market.
- The United States has one of the largest technically recoverable shale gas reserves and the second-largest tight oil reserves in the world. Moreover, the technological development in hydraulic fracturing is expected to create ample opportunities for the liner hanger system providers.
- With oil production of 17 million barrels per day in 2019, the United States is leading the market of the liner hanger system market. It is expected to continue its dominance in the forecast period.
